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""When President Bill Clinton raised taxes in 1993, the unemployment rate dropped, from 6.9 to 6.1 percent, and kept falling each of the next seven years. When President Bush cut taxes in 2001, the unemployment rate rose, from 4.7 to 5.8 percent, then drifted to 6 percent last year when taxes were cut again. ""
In addition, your data is faulty, Unemployment went down after Bush passed the tax cuts, they only went cak up after minimum wage passed and Democrats took over Congress.
http://data.bls.gov/PDQ/graphics/lns14000000_151568_1224780930028.gif (broken link) Graph: Unemployment rate (seasonally adjusted)
Anyone who can post a graph showing that Clinton created 20,000,000 new jobs, and then showed that unemployment levels were in the 6% range must have failed 5th grade math..
When the Alternative Minimum Tax was introduced in 1969, it's intent was to go after a relatively small number of very wealthy families who, through the use of legal tax shelters wound up paying no income taxes. Everyone was in favor of this. The rich needed to pay up, just like everybody else. The trouble is that over the years, 'the rich' who are hit by the AMT has come to include more and more people, the majority of whom are not exactly living the lifestyle of the Rich and Famous that the AMT was originally intended to target. While only 19,000 families had to pay the AMT in 1970, today millions are paying it.
Quote:
What happened? Inflation, mostly. While the "regular" tax brackets, exemptions and standard deductions are adjusted annually for inflation, the AMT brackets and exemptions are not, so many people whose income has grown with the economy enter the dreaded AMT zone each year. Especially vulnerable are people with income over $75,000 and some large deductions, but not the exotic ones that were originally targeted by the AMT's creators. Most vulnerable are taxpayers with several children, interest deductions from second mortgages, capital gains, high state and local taxes, and incentive stock options.
The Alternative Minimum Tax at SmartMoney.com (http://www.smartmoney.com/personal-finance/taxes/the-alternative-minimum-tax-9540/ - broken link)
Who had to pay the AMT last year? Do you consider yourself among the wealthy? View this as a cautionary tale. I suspect the same bracket creep will occur over time with Obama's tax the rich people rhetoric. Everybody is in favor of it. Until they discover that they are now one of the rich people.
Rather than ask what happens when the rich aren't rich anymore (which I also doubt will happen: First of all, they're wealthy so they can afford it and second of all, they're wealthy and can afford to pay someone top dollar to help shelter their income).
The more appropriate question to ask is, who will Obama tax next because taxing 2% of the people in this country an "incremental" tax is NOT going to give him anywhere near the money he's looking for to run all his welfare.......uhm.......I mean..........social service programs.
You're incredibly naive if you actually believe that the rich will be sent to the poorhouse because of Obama's planned tax increases.
You're far more naive. The majority of those categorized according the "That One' as rich will be able to downsize to get under the dollar amount needed to reduce their taxes. There are many ways to do this, and I know because I fall into his "rich" category, even though my house is only 1400 sq. ft., albeit paid in full. Neverthless, I will simply downsize my Subchapter S Corp., and lay off as many employees as necessary to reduce my taxable income back into "middle class" status (again, as defined by that one). Then I'll only pay the same taxes as you, only I'll have hundreds of thousands of dollars laying in wait in the stock market until another Republican get elected, reverses the tax increase, or better yet lowers them. Then I'll simply go back to business as usual and start hiring additional workers again and expanding my business. Oh man....you're right, this tax increase won't hurt us rich people one bit...it's only going to hurt the workers that we hire in for our businesses.
Hmmm....well, go on, vote for Obama if must. Maybe one of those people in the 40% of the working population that don't even pay taxes will use their tax refund to hire you for a week or two. But I doubt it.
Rather than ask what happens when the rich aren't rich anymore (which I also doubt will happen: First of all, they're wealthy so they can afford it and second of all, they're wealthy and can afford to pay someone top dollar to help shelter their income).
The more appropriate question to ask is, who will Obama tax next because taxing 2% of the people in this country an "incremental" tax is NOT going to give him anywhere near the money he's looking for to run all his welfare.......uhm.......I mean..........social service programs.
Some of these posts make it sound as if we, the middle class, won't ever have to pay taxes again under Obama. Obviously, that's a falsehood. He isn't limiting taxes to the rich.
As far as running all the social service programs, I just want to know; will that mean running the corporate welfare, oh, I mean uhhh....corporate social service programs that we now have? I mean after all, someone making $317 million dollars in two years my go bankrupt right?
Speaking of taxes, can anyone tell me if they have had experience with Tax Tigers? If someone had, say, 6 years of unpaid state/federal taxes, can they help?
anyone???
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Obama wants to tax rich people. Well what happens when...
